A bond with 20 detachable warrants has just been offered for sale at $1,000. The bond matures in 20 years and has an annual coupon of $115. Each warrant gives the owner the right to purchase two shares of stock in the company at $17 per share. Ordinary bonds (with no warrants) of similar quality are priced to yield 17 percent. What is the value of one warrant? Multiple Choice $15.48 $34.52 $18.57 $13.93 $17.02